ICICI Direct has given Buy recommendation for Bharat Forge with a target price of Rs. 910 in its research report issued on Feb 11, 2021

ICICI Direct’s research report on Bharat Forge

Bharat Forge (BFL) is India’s leading auto component exporter with strong engineering, technological competencies in forging and metallurgy. With total capacity of 6.83 lakh MT per annum, its products find application in domestic, exports markets across PV, CV, oil & gas, construction & mining, power, defence, etc. FY21 standalone segment mix – ~40% CV, ~36% Industrial, ~18% PV FY21 standalone regional mix  ~46% India, ~31% Americas, ~20% Europe


We retain BUY rating on BFL, tracking strong demand across user segments Introducing FY24E, we now value BFL at a revised target price of Rs 910 i.e. 34x P/E on FY23E-24E average EPS (earlier TP Rs 950).

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At 12:37 hrs Bharat Forge was quoting at Rs 703.40, up Rs 2.60, or 0.37 percent.

It has touched an intraday high of Rs 709.05 and an intraday low of Rs 694.65.

It was trading with volumes of 33,729 shares, compared to its thirty day average of 62,862 shares, a decrease of -46.34 percent.

In the previous trading session, the share closed down 4.31 percent or Rs 31.55 at Rs 700.80.

The share touched its 52-week high Rs 848.00 and 52-week low Rs 555.60 on 10 November, 2021 and 19 April, 2021, respectively.

Currently, it is trading 17.05 percent below its 52-week high and 26.6 percent above its 52-week low.

Market capitalisation stands at Rs 32,749.50 crore.


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